user
Create a timeline describing the global financial crisis of 2007–2008
Response:
assistant
Timeline of the Global Financial Crisis of 2007-2008: 
May 2007 – Mortgage lenders begin to report soaring defaults on subprime loans. 
August 2007 – Major signs of deterioration in the US housing market begin to surface. 
September 2008 – Global financial markets experience unprecedented turbulence. 
December 2008 – US Congress passes the Emergency Economic Recovery Act. 
February 2009 – The global recession takes full effect. 
October 2011 – The US unemployment rate reaches 10%.